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Should you use a will or trust in your estate plan?

On Behalf of | Jan 16, 2025 | Estate Planning

Creating an estate plan ensures your assets are distributed according to your wishes after you pass away. Deciding between a will and a trust depends on your specific goals and circumstances. Understanding the differences between these tools can help you make an informed choice.

Understanding a will

A will is a legal document that outlines how your assets will be distributed and who will care for minor children after your death. It goes through probate, a court-supervised process to validate the will and oversee the distribution of assets. Wills are straightforward to create and are ideal for smaller estates or for those who want a simple way to outline their wishes.

Exploring a trust

A trust is a legal arrangement that allows a trustee to manage your assets for the benefit of your beneficiaries. Trusts avoid probate, providing faster access to assets for your heirs. They also offer privacy, as the details of a trust are not made public. Trusts can be revocable, allowing you to change them during your lifetime, or irrevocable, which generally cannot be altered. Trusts are often used in larger estates or when you want to set conditions for asset distribution.

Key factors to consider

When deciding between a will and a trust, consider the size and complexity of your estate, your privacy preferences, and whether you want to avoid probate. Trusts can be more expensive to set up but may save time and money in the long run by bypassing probate. Wills are simpler and less costly initially, but probate can add delays and fees.

Choose the right tool for your needs

Choosing between a will and a trust in your estate plan depends on your unique circumstances. Evaluating your goals and understanding the benefits of each tool will help you create a plan that protects your legacy and provides peace of mind for your loved ones.

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